The SPA-MF and Coaf held a meeting on February 13. They met with representatives from the legal and compliance teams of online betting companies.
Coaf presented what it considers to be the best models for reporting suspicious activities at the virtual meeting. This brought more than 190 betting operators together.
Law No. 9613/1998 requires operators to report any suspicious activity to Coaf. This includes concerns related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Market representatives also had the opportunity to ask questions about communication procedures. These procedures are essential for crime prevention.
These meetings are part of the municipality’s daily routine. They also help companies build a closer relationship with the regulatory body. This is according to general coordinator of Frederico Justo, Money Laundering Monitoring of SPA.
The manager explained that with the regulations fully in place, they noticed some operators had already reported to Coaf but in very different ways. They realized there was confusion about what and how to report suspicious activity. This led to the idea of organizing the alignment meeting.
The SPA issued Ordinance 1,143 in June last year. It requires betting operators to implement policies, procedures, and internal controls to prevent money laundering.
Director of Supervision at Coaf, Rafael Bezerra Ximenes de Vasconcelos said that the expectation is that suspicious activity reports will contain more details from now on. Vasconcelos concluded that due to the way Coaf’s Financial Intelligence operators, it is very important to communicate correctly.
